|
Major Features |
Fixed Rate
Home Equity |
Home Equity
Line-of-Credit |
Home Equity
Line-of-Credit Interest Only |
Home Equity Visa© |
|
Type of Rate
(Annual Percentage Rate) |
Fixed (Life of Loan)
5.75% to
6.25% |
Variable Rate
5.50%, as of
4/2010 |
Variable Rate
6.00%, as of
4/2010 |
Variable Rate
8.74%, as of 4/2010 |
|
Rate Changes |
No |
The annual percentage rate can change semi-annually on the first day
of January and July. |
The annual percentage rate can change semi-annually on the first day
of January and July. |
The annual percentage rate can change semi-annually on the first day
of January and July. |
|
Number of Loan Advances
-Draw Period |
1 |
6
Per Quarter
(
fist 7 years only) |
6
Per Quarter
(
fist 7 years only) |
Unlimited |
|
Maximum Loan
(% of Home Value) |
90% |
90% |
90% |
90% |
|
Minimum Loan or Line |
$20,000 |
$25,000 |
$25,000 |
$5,000 |
|
Maximum Loan or Line |
$75,000 |
$150,000 |
$150,000 |
$100,000 |
|
Loan Term |
Max 7 Years |
Max 15 Years |
Max 15 Years |
Revolving |
|
Minimum Payment |
$100 |
$100 |
Monthly Interest Due |
2% of Outstanding Balance |
|
Application Fee |
$350 |
$350 |
$350 |
$49 |
|
Flood Search |
$20 |
$20 |
$20 |
$0.00 |
|
Closing Fee |
None |
None |
None |
None |
|
Annual Fee |
None |
None |
None |
None |
|
Loan Prepayment Penalties |
None** |
None** |
None** |
None** |
|
Tax Advantage |
See Tax advisor |
See Tax advisor |
See Tax advisor |
See Tax advisor |
|
 |
Illinois Properties only. Must be member’s primary residence.
Multi-Family (2-4 units), eligible at higher rate and additional
costs. *Rate is indexed to prime rate and is subject to change until
loan is disbursed. Home Equity Loans with Higher Loan-To-Value (LTV)
ratios, may be available at a premium. The application / appraisal
fee is non-refundable, additional fees may be assessed for
properties outside surrounding counties. ** If the Equity Loan is
paid off before the first anniversary of the closing date you agree
to reimburse all the closing costs and fees incurred by METRO
Federal Credit Union, (not to exceed $250.00). Call (847) 670-0456
for complete details.
The Prime Interest Rate is 3.25%, as published in the Wall Street
Journal 4/2010. |
